Amit Goel's questions to NatWest Group PLC (NWG) leadership • Q2 2025
Question
Amit Goel of Mediobanca asked for clarification on the accounting for FX risk management derivatives in central items and inquired about the potential impact of UK regulatory reforms on the bank's business outlook, particularly in mortgages.
Answer
CFO Katie Murray explained the central items noise was due to treasury activities taking advantage of FX volatility, which creates a negative NII entry offset by a positive non-interest income gain. CEO Paul Thwaite commented that the bank is supportive of recent reforms, noting they have already implemented changes to help first-time buyers and see the reforms as a net positive, though impacting a specific segment of the market.